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FISCAL YEAR A business year used for tax, corporate or accounting purposes, as opposed to a calendar year. FINDER'S FEE A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee. OPEN LISTING A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission. OPEN-END MORTGAGE A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage. NOTICE OF DEFAULT A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default. REFORMATION A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description. IMPUTED INTEREST Interest implied by the federal tax law. RECEIVER An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court. BOOT Money or other property given to make up any difference in value or equity between two exchanged properties. |
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